|My experience in working with men over the last decade has been an education, to say the least. As a man I must admit I love to be in charge, especially when it comes to finances. Ever since we got married, my wife has deferred the handling of the family finances to me. Now, while I may love that, (because I like being in charge of the finances) It’s usually not professionally advisable. Here’s one of the big reasons why.
Your wife, 9 out of 10 times, will outlive you. This is a simple fact based on mountains of research… women are simply more likely to outlive their husbands. This means that women are more likely to be suddenly left to manage the finances of a household by themselves, with often almost zero experience in doing so.
Men, we must get something clear. (Let me preface this next statement by saying that this is not indicative of all men!) Contrary to popular belief, when you die your spouse will not take all your money and go remarry some guy 20 years younger than her. (Well in most cases that won’t happen!)
When you pass, not if you pass on, your wife will suffer the loss of a companion and friend. She will grieve, and find herself almost constantly thinking about how life will be without you. Once everyone leaves the cemetery and the lights turn off in the house that night, she’ll more than likely cry…hard.
|The next day she will wake up to some more bad news:
Financially, she will be by herself for the unforeseen future. The good news is you were not selfish. You left sufficient life insurance for her to take care of herself and all the bills.
Or maybe you didn’t. I can recall how, back when I was an insurance agent, on numerous occasions grieving wives would call me and ask about the policy their husband left. I would have to tell them that their husband had let the policy lapse. Suddenly they were facing a different world than they had ever lived in before, financially.
Or how about this scenario? Having conducted more than 100 financial health workshops, I have had many women come up to me and tell me that they cannot even find the policy their husband supposedly had left for them.
Each of these outcomes is simply tragic. Each is also completely avoidable, with a little planning.
Educating middle class Americans about simple but life-changing financial planning issues like this is why I founded the Middle Class Movement.
Men, if you are looking for a website that will move your household to the next level of financial security, than this website is for you. If you are looking for ideas on how to leave a legacy for your family, this website is for you.
A word from our senior editor, Jenny Jones, for men. Men like to be in charge of the family finance, they like being the providers. Men derive a sense of worth when they feel they provide well for their loved ones. However, financial responsibility goes beyond earning a good living. Read on...